Blackwells Capital Activist Presentation Deck
New management team
failed to make
meaningful changes
Blackwells will hold the Board accountable to maximize value for all shareholders
Under Executive Chair John
Foley and a new CEO, there
have been no meaningful
changes at Peloton. Issues
related to cost structure, capital
allocation, inventory
management and quality control
continue to plague the
Company. Shareholders have
lost nearly $2 billion of value
since Mr. McCarthy became
CEO
BW BLACKWELLS CAPITAL
EXECUTIVE SUMMARY
Poor governance
structure limits
accountability
Peloton's poor governance
structure limits accountability to
shareholders. Furthermore, its
Board, which is comprised of
interconnected,
underqualified legacy
directors, fails to provide
adequate oversight
Peloton is a
strategically valuable
asset
Peloton is a strategically
valuable asset that is attractive
to many potential acquirers. An
insightful and capable
operator would be willing to
pay a premium beyond
conventional cost
and revenue synergies for
the opportunity to "Reimagine
Peloton" as a dramatically
different business than it
is today
Selling Peloton today
is worth substantially
more to investors
Given the complexity, time, and
risk associated with a
turnaround in the public
markets, Blackwells believes
selling Peloton today is worth
substantially more to
investors than the standalone
company could be worth
years from now
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